Mumbai achieved record-breaking performance in both office leasing and residential demand last year, driven by strong demand for premium housing and major infrastructure advancements, according to a report released on Tuesday.
The financial capital set a new benchmark in office transaction volumes in 2024, reaching 10.4 million square feet and a 40% increase from 7.4 million square feet in 2023.
During the second half of 2024, Mumbai recorded approximately 4.6 million square feet in office space transactions, reflecting 9% growth. Transactions driven by India-focused businesses accounted for 77% of the total in 2024.
The city also added 5.8 million square feet of new office supply in 2024, an 89% year-on-year growth compared to 2023.
Occupier confidence remained robust, bolstered by a strengthening economy, increased physical office occupancy, and transformative infrastructure developments.
The introduction of major metro lines, including the BKC metro, has significantly improved connectivity, boosting the appeal of Mumbai’s office market for occupiers. The city’s office leasing market is expected to maintain its growth trajectory in 2025, fueled by diverse occupier demand, infrastructure-driven development, and strong developer confidence in its long-term potential.
Mumbai also retained its status as India’s largest residential market, with the sale of 96,187 primary residential units in 2024, a 13-year high and an 11% increase. In the second half of 2024 alone, 48,928 units were sold, reflecting a 6% year-on-year rise.
Residential prices in Mumbai increased by 5% in 2024 compared to 2023, driven by steady buyer demand, which sustained market momentum throughout the year.
Supported by transformative infrastructure projects like the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link (MTHL), the city continues to reinforce its position as India’s leading real estate market, the report stated.
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